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4 Jul 2013
AUD/USD weaving its way higher
FXstreet.com (London) - AUD/USD has climbed a number of moderate waves up, making higher highs throughout the da to reach 0.9155 in the absence of a US market.
As the market has paid attention else where, both the AUD and NZD have managed to scale up against the dollar. Previously, overnight, the highlight came from Deputy RBA Governor Lowe. He made comments that played down those of Stevens and said they were ‘light hearted remarks’ and there was no substance to him saying how they deliberated over their rate decision for a long time. This has given the Aussie some support in an otherwise heavy market place for the pair.
AUD/USD negative bias
Karen Jones at Commerzbank said that despite the fact that the RSI has yet to confirm the recent low at 0.9052, and this reflects a loss of downside momentum, the market remains negative. “The market is approaching psychological support and we would allow for a small rebound from here ahead of further losses. It has been contained lower in a steep accelerated downtrend this offers additional resistance at 0.9366.” She feels the market will remain directly offered below 0.9388/0.9404, the 2011 low and highs from 2009 and 2010. “The close below 0.9147 sees the next target of 0.8550 engage en route to 0.8068, the 2010 low”.
As the market has paid attention else where, both the AUD and NZD have managed to scale up against the dollar. Previously, overnight, the highlight came from Deputy RBA Governor Lowe. He made comments that played down those of Stevens and said they were ‘light hearted remarks’ and there was no substance to him saying how they deliberated over their rate decision for a long time. This has given the Aussie some support in an otherwise heavy market place for the pair.
AUD/USD negative bias
Karen Jones at Commerzbank said that despite the fact that the RSI has yet to confirm the recent low at 0.9052, and this reflects a loss of downside momentum, the market remains negative. “The market is approaching psychological support and we would allow for a small rebound from here ahead of further losses. It has been contained lower in a steep accelerated downtrend this offers additional resistance at 0.9366.” She feels the market will remain directly offered below 0.9388/0.9404, the 2011 low and highs from 2009 and 2010. “The close below 0.9147 sees the next target of 0.8550 engage en route to 0.8068, the 2010 low”.